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FINANCIAL NEWS
Zain Kuwait sells its stake in Zain Saudi
10 Apr 2011
(MENAFN) Kuwait’s Mobile Telecommunications (Zain) said that it would sell its share in Zain Saudi Arabia for USD950 million, reported Arabian Business.
It added that the company signed an agreement with both Saudi investment firm Kingdom Holding and Bahrain’s Batelco, in which the consortium would buy the twenty five percent of Zain’s stake in Zain Saudi Arabia.
The firm also said that the USD12 billion takeover deal which was negotiated last month with UAE Etisalat, fell due to Etisalat’s demand of offloading the 25-percent holding in Zain Saudi.
It is worth noting that Zain mobile telecom, is considered to be one of the major mobile and internet service providers in the Middle East.
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